cashew, the region’s first 360-degree instant payment and digital finance platform has launched operations in the UAE and Saudi Arabia with a full range of ‘Buy Now Pay Later’ (BNPL) options
The App& web-based platform, built over 2 years with US$5 million already invested in its technology, has been developed to support merchants and service providers to increase their sales, and give consumers greater purchasing power with simple, fast, transparent and cost-effective payment solutions during the or online checkout process.
Both conventional and Shariah-compliant, the point-of-sale financing options being introduced to the region address gaps in the current market where other BNPL products rely heavily on existing consumer credit products. cashew’s instant payment and digital finance solution adds no additional burden to debts the consumer may already have on existing credit lines.
Consumers can seamlessly choose to split payments into instalments or simply delay them to up to 14 days, all without any hidden fees, while merchants and service providers are paid in fullup front and don’t assume any risk. Aside from retailers, cashew is forming partnerships across major sectors, including healthcare, education, retail, travel, home improvement and entertainment.
cashew founder Ammar Afif is betting on the huge potential of digital platforms as a disruptor to traditional financing, with FinTechbeing one of the biggest business growth sectors in the MENA region.
“Given the current economic environment, we saw a need for an easy-to-use, flexible, and cost-effective solution to support both suppliers and consumers,” said Afif, who spent the past 25 years in America’s renowned IT hub of Silicon Valley building and scaling multi-million dollar Fintech startups.
“Merchants and service providers are facing increasing challenges while consumers are demanding more payment flexibility and security in payment options that cater to their needs. Our platform provides a full suite of no-interest, flexible, and transparent solutions at the lowest rates to consumers, which in turn empowers them with more liquidity, higher purchasing power, allowing them to choose how they wish to finance their lifestyle needs from the convenience of their smartphones.”
Added Afif: “Our data-centric approach is helping create a robust ecosystem of banks, financial institutions, government agencies, consumer-facing businesses, and consumers, which is used to gain deep insights on spending behaviour. These data insights are incorporated into our platform to provide consumers with intuitive instant financing options with the lowest rates, all from the comfort of their home.”
The UAE and Saudi Arabia are cashew’s launch markets with a planned roll-out to countries across the Gulf during 2021.
